Vancouver – A new resource estimate for the Oculto silver-gold deposit places the inferred resource at 42 million tonnes grading 70 grams silver per tonne. The deposit is part of Pacific Rim Mining‘s (PFG-T) Diablillos project in northwestern Argentina.
The revision, which essentially confirms an earlier one, was completed by Reno-based Mine Development Associates (MDA). It used a cutoff grade of 42 grams silver-equivalent.
Within the broad zone lies an inferred gold resource of 24.9 million tonnes grading 1 gram gold, using a cutoff grade of 0.7 gram gold-equivalent. A silver-to-gold ratio of 60-to-1 was used in determining the cutoff grades.
Located in Salta province, the 3,600-hectare property hosts a number of silver-rich “high-sulphidation-type” targets, including Oculto, which has been drill-tested by 151 reverse-circulation holes and 41 diamond drill holes.
Earlier estimates for the Oculto deposit pegged the inferred geological resource at 30 million tonnes averaging 93 grams silver and 0.6 gram gold, using a cutoff grade of 0.8 gram gold-equivalent.
Toronto-based Barrick Gold (ABX-T) withdrew from a joint-venture agreement over Diablillos last week. The major gold producer last worked the project in August 1999, when it completed a five-hole diamond drilling program aimed at determining potential silver loss in the reverse-circulation holes at Oculto. The results were inconclusive.
Pacific Rim believes the property holds potential for additional gold-silver mineralization. Most notable is the Laderas target, which lies 500 metres north of Oculto.
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